936 Second Avenue L.P. v. Second Corporate Development Co. Inc.
Appellate Division of the Supreme Court of New York, First Department
891 N.E.2d 289 (2008)
The effect of a net lease must be considered in valuing property for setting rent for a renewal lease term unless the parties agree otherwise.
Relevant Facts
Second Corporate Development Company Incorporated (Corporate Development) (defendant) signed a 20-year net lease to rent a New York City mixed-use property from 936 Second Avenue L.P. (936 Second) (plaintiff). The rent for each 10-year renewal term was to be calculated at 7 percent of the value of the property. The parties disagreed on the value of the property for calculating rent, with each party’s appraiser providing significantly different valuations. 936 Second argued that the lease and its terms must be considered in the property’s appraisal.
Issue
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Holding & Reasoning
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Concurrence
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Dissent
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Last updated:
December 8, 2023
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Procedural History
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Citations
891 N.E.2d 289 (2008)